Clause 26
Amendment of section 24
of Income Tax (Amendment) Bill
BillNot in forceProvision 26 of 56
Clause 26
Section 24 of the principal Act is amended by inserting, immediately after subsection (4), the following subsections:“(4A) No election may be made under subsection (3) for the sale of an industrial building or structure for which an option to purchase is granted or a sale and purchase agreement is entered into on or after 23rd February 2010, or which is transferred on or after that date.
(4B)
Subsection (4A) does not apply to a transfer of property to which section 34C(8) and (9) apply.”.